How To file FBR 147 notice for advance tax in Pakistan

Advance Tax under Section 147 of the Income Tax Ordinance, 2001 is a tax system used by the Federal Board of Revenue (FBR) in Pakistan, where certain taxpayers are required to pay their income tax in installments before the end of the tax year. This system ensures that tax is collected progressively throughout the year, instead of at the year-end, improving cash flow for the government.

Key Points of Advance Tax under Section 147

1. Who is Liable to Pay Advance Tax? Advance tax under Section 147 is applicable to:

   • Companies
   • Association of Persons (AOPs)
   • Individuals with significant income not subject to withholding tax (e.g., business income, rental income)

   Taxpayers with predictable and continuous income are often required to pay advance tax, especially when a large part of their income is not already taxed at source.

2. Calculation of Advance Tax: Advance tax is based on the estimated income of the taxpayer for the ongoing tax year. It is calculated as follows:

   • For individuals and AOPs, the tax is based on the last assessed tax liability.
   • For companies, it is based on the estimated income for the current year or past year's tax returns.

3. Installments and Payment Deadlines: The advance tax is payable in four quarterly installments, and the deadlines are as follows:

   • 1st Installment: Due by September 25th (25% of the estimated tax liability).
   • 2nd Installment: Due by December 25th (50% of the total tax, less the first installment).
   • 3rd Installment: Due by March 25th (75% of the total tax, less previous installments).
   • 4th Installment: Due by June 15th (100% of the total tax, less previous installments).

4. Exemptions from Advance Tax: Not all taxpayers are required to pay advance tax. Certain individuals and entities are exempt, such as:

   • Individuals whose income is primarily subject to withholding tax.
   • New businesses in their first year of operations.
   • Income that is subject to minimum tax or final tax regimes may also be exempt.

5. Calculation Formula: The advance tax amount is calculated using the formula:

   $$\text{Advance Tax Payable} = \frac{\text{Last Year’s Tax Liability} + \text{Estimated Income Increase}}{4}$$

   The tax is then divided into four installments, payable quarterly.

6. Adjustment of Advance Tax: The advance tax paid throughout the year is adjusted at the time of filing the annual income tax return. If the advance tax paid is greater than the actual tax liability for the year, the taxpayer may either apply for a refund or adjust the excess amount against future tax liabilities.

7. Failure to Pay Advance Tax: If a taxpayer fails to pay advance tax within the specified timeframe, penalties, and additional surcharges may be applied. This can lead to additional costs and complications during the final tax assessment.

How Section 147 Helps FBR and Taxpayers:

• For FBR: It helps maintain a consistent revenue stream for the government throughout the fiscal year, avoiding a massive collection burden at the end of the tax year.
• For Taxpayers: It reduces the burden of paying a large lump sum at the end of the tax year and allows for easier cash flow management by paying smaller, more frequent amounts.

In summary, advance tax under Section 147 ensures timely tax collection and helps both the FBR and taxpayers manage taxes more effectively throughout the year.

To file an FBR 147 notice for advance tax in Pakistan, you need to follow the procedure outlined by the Federal Board of Revenue (FBR). Here’s a step-by-step guide on how to file the notice:

Step-by-Step Process to File FBR 147 Notice for Advance Tax:

1. Login to IRIS System:

   • Go to the FBR IRIS portal at https://iris.fbr.gov.pk.
   • Enter your username and password to log in.

2. Navigate to the Notice:

   • Once logged in, go to the "My Tasks" section.
   • Look for the notice related to Section 147 (Advance Tax). This notice will typically appear as a task in your dashboard if you’ve been issued a notice for advance tax by the FBR.

3. Respond to the Notice:

   • Click on the notice to open it.
   • Review the details of the notice, such as the amount of tax and the due dates for payment.

4. Determine Advance Tax Liability:

   • Calculate your advance tax liability, based on your estimated income for the current tax year.
   • Advance tax is calculated in four installments, payable on quarterly bases as per the following schedule:
     • 1st Installment: 25% of the total estimated tax by September 25th.
     • 2nd Installment: 50% of the total estimated tax (after including the first installment) by December 25th.
     • 3rd Installment: 75% by March 25th.
     • 4th Installment: 100% by June 15th.

5. Submit a Reply:

   • In IRIS, after opening the notice, you will have the option to respond to the notice by submitting details regarding your estimated income and the advance tax payments.
   • You will need to submit a challan form for the advance tax payment you are making.

6. Generate Challan Form (PSID):

   • To pay advance tax, generate a Payment Slip ID (PSID) by going to the Payment section.
   • Select the appropriate head of account for advance tax and enter the amount.
   • The system will generate a PSID, which you can use to make the payment at a bank or through online banking.

7. Make Payment:

   • You can pay the advance tax using the PSID at any designated bank or through your bank's online payment system.
   • After payment, keep a copy of the payment receipt for your records.

8. Submit Payment Proof:

   • Once the payment is made, go back to IRIS and upload the payment proof (challan form) under the appropriate section.

9. Confirmation:

   • After filing your reply and making the payment, ensure that your advance tax notice is marked as filed or responded in IRIS.

By completing these steps, you will have successfully filed your FBR 147 notice for advance tax.

SBP Clarifies Art Competition’s Role in New Banknote Series Design

Islamabad – September 2024: The State Bank of Pakistan (SBP) has clarified that the winners of the recent art competition, announced on September 5, are not the finalized designs for the new banknote series. This clarification comes after some misunderstandings about the competition’s purpose.

Earlier this year, in January 2024, the SBP launched an Art Competition inviting local artists to submit thematic design ideas for the new series of currency notes. The goal of the competition was to encourage creativity and recognize talented Pakistani artists, not to finalize the designs for the new notes. As a gesture of appreciation, the artists were awarded monetary prizes for their efforts.

One of the notable designs showcased Pakistan’s religious diversity, which sparked some debate. However, the SBP emphasized that the design was selected purely based on artistic quality, and not to promote any specific religious beliefs.

The central bank further explained that the actual designs for the new banknote series are being developed by internationally reputed design firms. These firms, chosen through a competitive process, are expected to submit their proposals by December 2024. After being approved by the SBP Board, the finalised designs will be sent to the Federal Government for final approval by January 2025.

The SBP stressed that the international designers would take inspiration from the local artists’ submissions while incorporating their own creativity and expertise into the final designs. The printing of the new banknotes will begin once the government approves.

This initiative by the SBP highlights the central bank’s commitment to showcasing local talent and aligns with global best practices in currency design. The new banknote series is expected to reflect both the cultural richness and modernity of Pakistan, presenting a bright future for the country’s currency system.

Exciting Opportunity for an ICT Engineer at the International Committee of the Red Cross (ICRC) in Islamabad

 

Location: Islamabad, Pakistan
Application Deadline: 22 Sep 2024

Are you an experienced ICT professional looking for an impactful career in the humanitarian sector? The International Committee of the Red Cross (ICRC) is hiring an ICT Engineer to manage and enhance ICT systems at their Islamabad office. This is a full-time role within the ICT department, and the position offers a chance to work in a meaningful environment that contributes to global humanitarian efforts.

Why Join ICRC?

Working with ICRC means joining a highly respected humanitarian organization that offers a chance to make a meaningful impact. The organization values diversity and aims to create an inclusive working environment for all its employees.

How to Apply:

If you meet the qualifications and are excited about this opportunity, submit your application by 22 Sep 2024. Your application should include:

1. A cover letter explaining your motivation and suitability for the role.
2. An up-to-date CV.

The ICRC values diversity and encourages applications from qualified candidates of all backgrounds. Please note that only shortlisted candidates will be contacted for the next steps.

Don’t miss this chance to take your career in ICT to the next level while contributing to a global cause! Apply today and be part of something bigger.

Click Here for More Details and Online Application Submission

Job opportunities in Pakistan Civil Aviation Authority

Pakistan Civil Aviation Authority (PCAA)

The Pakistan Civil Aviation Authority (PCAA) is a regulatory body overseeing civil aviation activities in Pakistan. It is responsible for ensuring the safety, security, and efficiency of air transportation in the country. PCAA regulates air traffic services, aerodrome operations, and airworthiness standards, among other functions. The authority also plays a significant role in the development of aviation infrastructure and the promotion of air travel.

New Jobs in CAA
PCAA has recently announced new job openings. Visit the official website for more details and to apply.

 

Renewing Your NADRA Smart ID Card: Essential Steps and Updated Fees

The National Database and Registration Authority (NADRA) Smart ID card has become an essential biometric identification tool for all Pakistani nationals. This card not only serves as proof of identity but also simplifies access to a wide range of services across banking, telecom, and government sectors. Given its significance, maintaining an up-to-date Smart ID Card is crucial for every citizen.

Key Functions of the Smart ID Card

The NADRA Smart ID Card is integral to various aspects of daily life in Pakistan. It plays a pivotal role in ensuring the accurate delivery of government subsidies and welfare benefits, thereby reducing fraud and promoting financial inclusion. Additionally, the card is required for opening bank accounts, engaging in tax-related processes, and even for tasks such as purchasing property or securing employment.

The Renewal Process

Given the Smart ID Card’s importance, citizens are required to renew their cards before or soon after they expire. The renewal process is managed by NADRA, which ensures that individuals can continue accessing the services tied to their identification.

Updated Fee Structure as of September 2024

NADRA has outlined the following fee structure for the renewal of Smart ID Cards, with each option offering a 10-year validity period:

• Normal Service: Rs750
• Urgent Service: Rs1,500
• Executive Service: Rs2,500

It is important to note that these fees do not include delivery charges, and processing times commence once the application is approved.

For more details visit Official Site

Jobs in Wafaqi Mohtasib (Ombudsman)

Terms & Conditions

1.

The interested candidates fulfilling the required criteria may submit their application online for the desired post within 14 days after publication of this advertisement.

2.

The candidature is likely to be cancelled/ rejected in case of submission of incomplete/ incorrect/ fake information at any stage.

3.

Wafaqi Mohtasib Secretariat reserves the right to increase/decrease the number of posts or postpone/ cancel the recruitment process at any stage.

4.

Only shortlisted candidates will be called/ invited for test/ interview.

5.

Age relaxation will be given as per rules and regulations of the Federal Government.

6.

The candidate already in Government service shall have to produce NOC from the parent department at the time of the interview.

7.

No TA/DA shall be admissible for appearing in Test/Interview.

Written Test & Interview

Candidates applying for various positions will undergo a written test designed and administered by the Education Testing Council (ETC). The test will be conducted in five major cities; Karachi, Lahore, Islamabad, Peshawar and Quetta. The ETC team will inform candidates about the venue, date, and time of the test. ETC will communicate the test results to both the candidates and Wafaqi Mohtasib. Interviews for shortlisted candidates will be conducted by Wafaqi Mohtasib Secretariat, with the schedule to be announced by Wafaqi Mohtasib Secretariat.

Note: Original documents with verified copies (verification must be obtained from concerned board/ university with their stamp) will be checked for the shortlisted candidates at the time of interview.

How to Apply/ Register for the Test:

•

Interested candidates can apply online by registering themselves on http://etc.hec.gov.pk . The registration process must be completed by pressing the “SUBMIT” button for the online application before the 4 pm deadline of registration closing date given on the portal.

•

During the online registration process, all the required information must be entered correctly with due diligence. A mobile number ported from the original mobile company must not be provided.

•

Application received by hand or through courier/ email shall not be accepted/ entertained.

•

The candidates should make sure before appearing in the examination/ test that they are eligible in all respects for the post applied for.

•

In case of any difficulty during the online registration, please visit http://onlinehelp.hec.gov.pk or visit HEC Secretariat or contact HEC regional offices for guidance.

•

Only SUBMITTED applications will be considered. Applications in SAVE or INCOMPLETE mode will not be entertained.

•

Fee will be submitted through 1Link/1Bill Invoice payment services with the generated consumer number.

•

After depositing the fee through 1link/1Bill Invoice, click on Verify Online Payment on ETC Dashboard.

•

The test fee is non-refundable and non-transferable.

•

Email/ SMS will be sent to the registered applicants for examination date, time, and venue. Candidates are required to provide a valid email/ mobile number while filling their online application forms. SMS shall not be sent to the mobile numbers that have been converted from one network to another network.

•

The candidates must get queries/complaints resolved before the closure of the web registration portal. Queries/complaints handling beyond the registration deadline is denied by the system due to logistics/security reasons.

•

Taking a mobile or any calculating, recording, communication, or imaging electronic device inside the test center, as well as uploading or sharing the images of question book is strictly prohibited and an offence liable to be punished as per the ETC-HEC rules.

Note: It is Mandatory to bring along the Original CNIC/ Original Passport on the test day with the Roll No. slip issued by ETC via email or downloaded from the candidate’s portal, otherwise the candidate shall not be allowed to sit in the exam.

Director (Admn) 

Wafaqi Mohtasib (Ombudsman)’s Secretariat, 36-Constitution Avenue, Sector G-5/2, Islamabad. Tel:051-9217212

Click Here to download PDF Advertisement

 

The Future of Remote Work: What Lies Ahead

Remote work has transformed from a temporary solution during a global crisis into a permanent fixture of modern work culture. As we continue to adapt to this new way of working, it's clear that remote work is more than just a trend—it's shaping the future of how businesses operate and how employees approach their careers. But what does the future hold for remote work? Let’s explore some key trends and predictions.

1. The Rise of Hybrid Work Models

One of the most significant shifts we're seeing is the move towards hybrid work models. This approach combines the best of both worlds, allowing employees to split their time between working from home and being in the office. This flexibility is becoming a standard expectation for many workers, who appreciate the balance it offers between professional and personal life. Companies are also benefiting from reduced office space costs and access to a broader talent pool, as location becomes less of a barrier to hiring.

2. Enhanced Digital Collaboration Tools

As remote work continues to grow, the tools that enable it are also evolving. Collaboration platforms like Slack, Zoom, and Microsoft Teams have become essential for keeping teams connected, regardless of where they are in the world. In the future, we can expect these tools to become even more sophisticated, with features that support virtual reality meetings, AI-driven project management, and more intuitive user interfaces designed to mimic the in-office experience as closely as possible.

3. Focus on Employee Well-Being

With the boundaries between work and home life becoming increasingly blurred, companies are placing a greater emphasis on employee well-being. This includes offering mental health support, promoting work-life balance, and ensuring that employees don’t experience burnout from the demands of remote work. Employers are recognizing that a happy, healthy workforce is more productive and engaged, making wellness programs a crucial part of the remote work environment.

4. The Shift in Company Culture

Remote work is also transforming company culture. With fewer opportunities for casual in-person interactions, organizations are finding new ways to foster a sense of community and belonging among remote teams. Virtual team-building activities, online social events, and regular check-ins are becoming more common as companies strive to maintain strong relationships and a cohesive culture, even when employees are physically apart.

5. Increased Cybersecurity Measures

As more work moves online, cybersecurity is becoming a top priority. Companies are investing in advanced security measures to protect sensitive information and prevent cyberattacks. This includes using VPNs, multi-factor authentication, and regular cybersecurity training for employees. As the remote work landscape evolves, so too will the strategies to keep it safe and secure.

6. Remote Work as a Competitive Advantage

For many businesses, offering remote work options is no longer just a perk—it’s a competitive advantage. Companies that embrace remote work can attract top talent from around the world, offer greater flexibility to employees, and often see increased productivity. As a result, remote work is becoming a key component of business strategy, with more organizations recognizing its potential to drive success.

The future of remote work is bright, with many opportunities for innovation and growth. As technology continues to advance and companies adapt to new ways of working, remote work is likely to become an even more integral part of the modern workplace. Whether you’re an employee enjoying the flexibility of working from home or a business leader navigating this new landscape, it’s clear that remote work is here to stay—and it’s shaping the future of work as we know it.

Pakistan Mangoes: A Golden Export in 2024

A Pakistani vendor arranges mangoes as he waits for customers at a weekly bazaar ahead of the Islamic holy month of Ramadan in Islamabad on June 5, 2016. Muslims are preparing for Islam's holy month of Ramadan, which is calculated on the sighting of the new moon, and during which they fast from dawn until dusk. / AFP / AAMIR QURESHI (Photo credit should read AAMIR QURESHI/AFP via Getty Images)

Pakistan, known for its rich agricultural heritage, has once again made its mark on the global stage with its prized mangoes. The 2024 mango season proved to be a significant success for the country, as it earned a remarkable $4.67 million by exporting mangoes to 42 countries. This achievement not only highlights the quality and demand for Pakistani mangoes but also underscores the importance of this fruit in the country's export portfolio.

The Sweet Success of Mango Exports

Mangoes, often referred to as the "king of fruits," hold a special place in the hearts of Pakistanis. The country is the world's sixth-largest producer of mangoes, with varieties like Sindhri, Chaunsa, Anwar Ratol, and Langra being the most sought after. These varieties are celebrated for their exceptional taste, aroma, and juiciness, making them favorites in both domestic and international markets.

In 2024, Pakistan exported mangoes to 42 countries, including major markets such as the United Arab Emirates, the United Kingdom, Saudi Arabia, and several European nations. The $4.67 million earned from these exports is a testament to the country's ability to maintain high standards of quality and meet the demands of global consumers.

Challenges and Opportunities

Despite the success, the mango export industry in Pakistan faces several challenges. Climate change, water scarcity, and outdated agricultural practices have posed significant threats to mango production. Additionally, the industry must navigate the complexities of international trade regulations, quality control, and competition from other mango-producing countries.

However, these challenges also present opportunities for growth. With the adoption of modern agricultural techniques, investment in research and development, and a focus on sustainable farming practices, Pakistan has the potential to increase its mango yield and expand its reach to new markets.

The Way Forward

To continue this success, it is crucial for Pakistan to focus on improving its supply chain, from farm to market. Enhancing post-harvest handling, investing in cold storage facilities, and promoting value-added products like mango pulp and dried mangoes can significantly boost the industry's revenue.

Furthermore, branding Pakistani mangoes as a premium product in international markets can help fetch higher prices and create a loyal customer base. The government, in collaboration with private sector stakeholders, should also work on reducing trade barriers and facilitating smoother export processes.

The 2024 mango season has proven to be a fruitful one for Pakistan, with the country earning $4.67 million from exports. As the demand for Pakistani mangoes continues to grow globally, there is immense potential for further development in this sector. By addressing the challenges and seizing the opportunities, Pakistan can solidify its position as a leading exporter of this golden fruit, ensuring that its mangoes remain a symbol of quality and excellence around the world.

Mpox: Understanding the Disease and Its Impact on Pakistan

Mpox, previously known as monkeypox, is a viral disease caused by the mpox virus, which is related to the variola virus that causes smallpox. Unlike smallpox, mpox is generally less severe but can still pose significant health risks, particularly to children, pregnant women, and individuals with weakened immune systems. The disease typically presents with flu-like symptoms followed by a rash that develops into pus-filled lesions. The virus primarily spreads through close contact with an infected person or animal and can also be transmitted through contaminated objects.

In recent years, mpox has garnered global attention due to outbreaks in various regions, including Africa, Europe, and now, Asia. The World Health Organization (WHO) has declared certain outbreaks of mpox, particularly the newly identified Clade 1b variant, as a public health emergency of international concern.

Mpox in Pakistan

Pakistan has recently confirmed several cases of mpox, particularly among travelers returning from the Middle East. The first case of 2024 was reported in Khyber-Pakhtunkhwa, involving a citizen who had returned from Saudi Arabia. This was followed by additional cases detected at Bacha Khan International Airport in Peshawar, involving individuals arriving from Jeddah.

The Pakistani health authorities have responded by implementing strict surveillance and response measures at airports and other points of entry to prevent the spread of the virus within the country. Suspected cases are promptly isolated and tested to confirm the presence of the virus, and those found positive are provided medical care in specialized hospitals.

Despite the rising number of cases, the Ministry of National Health Services has assured the public that the situation is under control, with ongoing monitoring and preventive measures in place. The authorities have emphasized that there is no need for panic as the disease remains largely contained, with no reports of local transmission so far. However, the public is urged to remain vigilant and practice good hygiene, especially when traveling.

Pakistan's efforts are part of a broader global initiative to curb the spread of mpox, with the WHO closely monitoring the situation worldwide. As new variants of the virus emerge and spread to new regions, it is crucial for countries like Pakistan to stay prepared and responsive to protect public health.

Read More

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